US Market News
2月前
NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2026 RESULTSApril 28, 2026 8:16 AM
PR Newswire (US)
NXRT Recaps Value-Add Results, Tames Expense Growth and Pays Down $33.0 Million on Credit FacilityDALLAS, April 28, 2026 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the first quarter ended March 31, 2026.
HighlightsNXRT1 reported net loss, FFO2, Core FFO2 and AFFO2 of $6.8M, $17.4M, $17.3M and $19.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2026, compared to net loss, FFO, Core FFO, and AFFO of $6.9M, $17.4M, $19.1M and $21.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2025.For the three months ended March 31, 2026, Q1 Same Store properties3 total revenue, NOI2 , average effective rent, and occupancy decreased 2.2%, 2.7%, 0.9% and 80 bps, respectively, over the prior year period.The weighted average effective monthly rent per unit across all 36 properties held as of March 31, 2026 (the "Portfolio"), consisting of 13,304 units4, was $1,485, while physical occupancy was 93.5%.NXRT paid a first quarter dividend of $0.53 per share of common stock on March 31, 2026 to stockholders of record on March 13, 2026.On February 3, 2026, NXRT used proceeds from a new mortgage note secured by Sedona at Lone Mountain to pay down $33.0 million of its outstanding principal balance on the Credit Facility.During the first quarter, for the properties in the Portfolio, NXRT completed 300 full and partial upgrades, leased 225 upgraded units, achieving an average monthly rent premium of $69 and a 19.0% ROI5.Since inception, NXRT has completed installation of 10,118 full and partial upgrades, 5,027 kitchen and laundry appliances and 11,199 technology packages, resulting in $155, $51 and $43 average monthly rental increase per unit and 20.7%, 63.5% and 37.2% ROI, respectively. (1)In this release, "we," "us," "our," the "Company," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.(2)FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), see the "Definitions and Reconciliations of Non-GAAP Measures" and "FFO, Core FFO and AFFO" sections of this release.(3)We define "Same Store" properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 35 properties encompassing 12,984 units of apartment space in our Same Store pool for the three months ended March 31, 2026 (our "Q1 Same Store" properties).(4)Total number of units owned as of March 31, 2026 is 13,305, however 1 unit is currently down.(5)We define Return on Investment ("ROI") as the sum of the actual 12-month rent premium divided by the sum of the total cost.First Quarter 2026 Financial ResultsTotal revenues were $63.5 million for the first quarter of 2026, compared to $63.2 million for the first quarter of 2025.Net loss attributable to common stockholders for the first quarter of 2026 totaled $6.8 million, or loss of $0.27 per diluted share. This compared to net loss attributable to common stockholders of $6.9 million, or loss of $0.27 per diluted share for the first quarter of 2025.The change in our net loss of $6.8 million for the three months ended March 31, 2026 as compared to our net loss of $6.9 million for the three months ended March 31, 2025 primarily relates to an increase in operating income of $1.1 million offset by an increase in interest expense of $1.0 million.For the first quarter of 2026, NOI was $37.6 million on 36 properties, compared to $37.8 million for the first quarter of 2025 on 35 properties.For the first quarter of 2026, Q1 Same Store NOI decreased 2.7% to $36.7 million, compared to $37.7 million for the full year 2025.For the first quarter of 2026, FFO totaled $17.4 million, or $0.69 per diluted share, compared to $17.4 million, or $0.68 per diluted share, for first quarter of 2025. For the first quarter of 2026, Core FFO totaled $17.3 million, or $0.68 per diluted share, compared to $19.1 million, or $0.75 per diluted share, for the first quarter of 2025. For the first quarter of 2026, AFFO totaled $19.6 million, or $0.77 per diluted share, compared to $21.6 million, or $0.84 per diluted share, for the first quarter of 2025.Subsequent EventsOn April 27, 2026, the Company's Board approved a quarterly dividend of $0.53 per share, payable on June 30, 2026 to stockholders of record on June 16, 2026.First Quarter Earnings Conference CallNXRT will host a call on Tuesday, April 28, 2026, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its first quarter 2026 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.A replay of the conference call will also be available through Tuesday, May 14, 2026, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.About NXRTNexPoint Residential Trust, Inc. is a publicly traded real estate investment trust ("REIT"), with its common stock listed on the New York Stock Exchange and NYSE Texas, Inc. under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the "SEC") are available on our website, nxrt.nexpoint.com, under the "Financials" tab.Cautionary Statement Regarding Forward-Looking StatementsThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "may," "plan," "believe" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's business and industry in general, supply and demand outlook, forecasted submarket deliveries, 2026 full year guidance for earnings per diluted share and Core FFO per diluted share and the related components and assumptions, including acquisitions and dispositions, shares outstanding, and same store growth projections, NXRT's net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt, and shares outstanding, net income and NOI guidance for the full year and second quarter of 2026 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, and expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the SEC, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.FFO, Core FFO and AFFOThe following table reconciles our calculations of FFO, Core FFO and AFFO to net loss, the most directly comparable GAAP financial measure, for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):
For the Three Months Ended March 31,
2026
2025
% Change
Net loss
$(6,781)
$(6,924)
2.1%Depreciation and amortization
24,291
24,350
-0.2%Adjustment for noncontrolling interests
(69)
(69)
0.0%FFO attributable to common stockholders
17,441
17,357
0.5%
FFO per share - basic
$0.69
$0.68
0.7%FFO per share - diluted
$0.69
$0.68
1.2%
Casualty-related recoveries
(1,753)
(656)
N/M
Casualty loss
—
163
N/M
Amortization of deferred financing costs
1,683
1,644
2.4%Mark-to-market adjustments of interest rate caps
(98)
591
N/M
Adjustment for noncontrolling interests
1
(7)
N/M
Core FFO attributable to common stockholders
17,274
19,092
-9.5%
Core FFO per share - basic
$0.68
$0.75
-9.3%Core FFO per share - diluted
$0.68
$0.75
-8.9%
Equity-based compensation expense
2,362
2,475
-4.6%Adjustment for noncontrolling interests
(9)
(10)
-10.0%AFFO attributable to common stockholders
19,627
21,557
-9.0%
AFFO per share - basic
$0.77
$0.85
-8.8%AFFO per share - diluted
$0.77
$0.84
-8.3%
Weighted average common shares outstanding - basic
25,398
25,448
-0.2%Weighted average common shares outstanding - diluted(1)
25,398
25,576
-0.7%
Dividends declared per common share
$0.53
$0.51
3.9%
Net loss Coverage - diluted(2)-0.51x
-0.53x
-3.8%FFO Coverage - diluted(2)1.30x
1.33x
-2.6%Core FFO Coverage - diluted(2)1.28x
1.46x
-12.3%AFFO Coverage - diluted(2)1.46x
1.65x
-11.8%
(1)The Company uses the diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO. For periods in which potential common shares are anti-dilutive, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding.(2)Indicates coverage ratio of net loss/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.Definitions and Reconciliations of Non-GAAP MeasuresDefinitionsThis presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income ("NOI"), funds from operations attributable to common stockholders ("FFO"), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO ("AFFO"), AFFO per diluted share and net debt.NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty loss, (8) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (9) equity in earnings of affiliate. We define "Same Store NOI" as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT"), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, casualty-related expenses/(recoveries) and loss (gain), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to current presentations.AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the related noncontrolling interests (as described above) related to this item.Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of REITs among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative or substitute to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative or substitute to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.ReconciliationsNOI and Same Store NOIThe following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q1 Same Store NOI for the three months ended March 31, 2026 and 2025 to net loss, the most directly comparable GAAP financial measure (in thousands):
For the Three Months Ended March 31,
2026
2025
Net loss
$(6,781)
$(6,924)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees
1,771
1,696
Corporate general and administrative expenses
4,473
4,457
Corporate income
(590)
(442)
Casualty-related recoveries(1)
(1,753)
(656)
Casualty loss
—
163
Property general and administrative expenses(2)
851
790
Depreciation and amortization
24,291
24,350
Interest expense
15,442
14,381
Equity in earnings of affiliate
(68)
(55)
NOI
$37,636
$37,760
Less Non-Same Store
Revenues
(1,560)
(4)
Operating expenses
623
(22)
Same Store NOI
$36,699
$37,734
(1)Adjustment to net loss to exclude certain property operating expenses that are casualty-related recoveries.(2)Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.Reconciliation of Debt to Net Debt(dollar amounts in thousands)
Q1 2026
Q1 2025
Total mortgage debt
$1,543,529
$1,503,242
Total credit facility
57,000
—
Total Debt
$1,600,529
$1,503,242
Adjustments to arrive at net debt:
Cash and cash equivalents
(18,465)
(23,719)
Restricted cash held for value-add upgrades and green improvements
(7,401)
(3,170)
Net Debt
$1,574,663
$1,476,353
Enterprise Value (1)
$2,211,663
$2,487,353
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)
72%
60%Leverage Ratio (Net Debt to Enterprise Value)
71%
59%
(1)Enterprise Value is calculated as Market Capitalization as of the end of the period plus Net Debt.Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFOThe following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2026 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 and for the three months ended June 30, 2026 (in thousands):
For the Year Ended
December 31, 2026
For the Three Months Ended
June 30, 2026
Mid-Point (1)
Mid-Point (1)
Net loss
$(36,114)
$(10,677)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees
7,169
1,786
Corporate general and administrative expenses
19,112
4,886
Corporate income
(1,757)
(417)
Property general and administrative expenses(2)
4,161
1,048
Depreciation and amortization
95,675
25,648
Interest expense
67,099
15,704
Casualty-related expenses/(recoveries)
—
584
Equity in earnings of affiliate
(310)
(77)
NOI(3)$155,035
$38,485
Less Non-Same Store
Revenues(3)
(6,387)
Operating expenses(3)
2,212
Same Store NOI(3)$150,860
(1)Mid-Point estimates shown for full year and second quarter 2026 guidance. Assumptions made for full year and second quarter 2026 NOI guidance include the Same Store operating growth projections included in the "2026 Full Year Guidance Summary" section of this release and the effect of the acquisition and dispositions throughout the fiscal year.(2)Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.(3)Year-over-year growth for the Full Year 2026 pro forma Same Store pool (35 properties).The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 (in thousands, except per share data):
For the Year Ended December 31, 2026
Mid-Point
Net loss
$(36,114)
Depreciation and amortization
95,675
Adjustment for noncontrolling interests
(235)
FFO attributable to common stockholders
59,326
FFO per share - diluted (1)
$2.31
Amortization of deferred financing costs
6,654
Casualty-related expenses
—
Mark-to-market adjustments of interest rate caps
16
Adjustment for noncontrolling interests
(26)
Core FFO attributable to common stockholders
65,970
Core FFO per share - diluted (1)
$2.57
Equity-based compensation expense
11,053
Adjustment for noncontrolling interests
(44)
AFFO attributable to common stockholders
76,979
AFFO per share - diluted (1)
$2.99
Weighted average common shares outstanding - diluted
25,719
(1)For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.7 million for the full year 2026.The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2025 and 2024 and the three months ended December 31, 2025 (in thousands):
For the Year Ended December 31,
For the Three Months
Ended December 31,
2025
2024
2025
Net income (loss)
$(32,154)
$1,114
$(10,348)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees
6,941
6,899
1,765
Corporate general and administrative expenses
17,945
19,399
4,150
Corporate income
(1,666)
(2,215)
(462)
Casualty-related expenses/(recoveries)(1)
264
1,389
1,700
Casualty losses
167
626
4
Property general and administrative expenses(2)
4,010
3,998
1,096
Depreciation and amortization
95,752
97,762
23,560
Interest expense
60,735
58,477
15,733
Equity in earnings of affiliate
(257)
(172)
(74)
Loss on extinguishment of debt and modification costs
—
24,004
—
Gain on sales of real estate
—
(54,246)
—
NOI
$151,737
$157,035
$37,124
The following table reconciles our NOI to our FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2025 and 2024 (in thousands):
For the Year Ended December 31,
2025
2024
% Change 2025
- 2024
Net income (loss)
$(32,154)
$1,114
N/M
Depreciation and amortization
95,752
97,762
-2.1%Gain on sales of real estate
—
(54,246)
N/M
Adjustment for noncontrolling interests
(251)
(176)
42.6%FFO attributable to common stockholders
63,347
44,454
42.5%
FFO per share - basic
$2.49
$1.74
43.4%FFO per share - diluted
$2.48
$1.69
46.4%
Loss on extinguishment of debt and modification costs
—
24,004
N/M
Casualty-related expenses
264
1,389
N/M
Casualty losses
167
626
N/M
Amortization of deferred financing costs
6,585
3,364
N/M
Mark-to-market adjustments of interest rate caps
961
(593)
N/M
Adjustment for noncontrolling interests
(31)
(114)
N/M
Core FFO attributable to common stockholders
71,293
73,130
-2.5%
Core FFO per share - basic
$2.81
$2.87
-2.0%Core FFO per share - diluted
$2.79
$2.79
0.1%
Equity-based compensation expense
9,883
10,543
-6.3%Adjustment for noncontrolling interests
(39)
(42)
-7.1%AFFO attributable to common stockholders
81,137
83,631
-3.0%
AFFO per share - basic
$3.20
$3.28
-2.5%AFFO per share - diluted
$3.18
$3.19
-0.4%
Weighted average common shares outstanding - basic
25,390
25,516
-0.5%Weighted average common shares outstanding - diluted(1)
25,554
26,246
-2.6%
Dividends declared per common share
$2.06
$1.90
8.6%
Net income (loss) Coverage - diluted(2)-0.61x
0.02x
N/M
FFO Coverage - diluted(2)1.20x
0.89x
34.8%Core FFO Coverage - diluted(2)1.35x
1.47x
-7.8%AFFO Coverage - diluted(2)1.54x
1.68x
-8.2%
(1)The Company uses the diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.(2)Indicates coverage ratio of net income (loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.Contact:
Investor Relations
Kristen Griffith
IR @NLionGuy
Media inquiries: Comms@nexpoint.com
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Original: NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2026 RESULTS
US Market News
4月前
NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 24, 2026 8:16 AM
PR Newswire (US)
NXRT Acquires $73.25 Million Property in Las Vegas, Recaps Value-Add Results and Issues 2026 Full Year GuidanceDALLAS, Feb. 24, 2026 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2025.
HighlightsNXRT1 reported net loss, FFO2, Core FFO2 and AFFO2 of $32.0M, $63.3M, $71.3M and $81.1M, respectively, attributable to common stockholders for the year ended December 31, 2025, compared to net income, FFO, Core FFO, and AFFO of $1.1M, $44.5M, $73.1M and $83.6M, respectively, attributable to common stockholders for the year ended December 31, 2024.For the year ended December 31, 2025, 2024-2025 Same Store properties3 total revenue, NOI2, average effective rent and occupancy decreased 1.0%, 1.6%, 0.1% and 195 bps, respectively, over the prior year period.During the year ended December 31, 2025, NXRT acquired Sedona at Lone Mountain, consisting of 321 units, for a purchase price of $73.25 million.The weighted average effective monthly rent per unit across all 36 properties held as of December 31, 2025 (the "Portfolio"), consisting of 13,305 units4, was $1,492, while physical occupancy was 92.7%.NXRT paid a fourth quarter dividend of $0.53 per share of common stock on December 31, 2025; this cash dividend represented a $0.02 per share, or 3.9% increase, over the prior quarter's dividend. Since inception, NXRT has increased the dividend per share by 157.3%.During 2025, for the properties in the Portfolio, NXRT completed 1,767 full/partial upgrades and washer/dryer installations, achieving an average monthly rent premium of $60 and a 21.8% ROI5.Since inception, NXRT has completed installation of 9,866 full and partial upgrades, 4,979 kitchen and laundry appliances and 11,199 technology packages, resulting in $158, $50 and $43 average monthly rental increase per unit and 20.8%, 63.7% and 37.2% ROI, respectively.During the year ended 2025, the Company repurchased and subsequently retired 223,109 shares at an average price of $34.29 per share, which is a 29% discount to the midpoint of our Q4'25 NAV. We believe this is an attractive arbitrage opportunity given the persistent private/public market discount.On January 30, 2026, the Company entered into a $40.3 million mortgage loan secured by Sedona at Lone Mountain with Newmark. The loan matures on January 30, 2033 with all principal due at maturity and bears interest at a rate based on the 30-day Average SOFR plus a margin of 1.23%.On February 3, 2026, the Company paid down $33.0 million of its outstanding principal balance on its credit facility with JPMorgan Chase Bank, N.A. ("JPM"). (1)In this release, "we," "us," "our," the "Company," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.(2)FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), see the "Definitions and Reconciliations of Non-GAAP Measures" and "FFO, Core FFO and AFFO" sections of this release.(3)We define "Same Store" properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 35 properties encompassing 12,963 units of apartment space in our Same Store pool for the year ended December 31, 2025 (our "2024-2025" Same Store" properties). There are 35 properties encompassing 12,963 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2025 (our "Q4 Same Store" properties). The same store unit count excludes 21 units that are currently down due to fires and repairs (Rockledge: 20 units and Summers Landing: 1 unit) and Sedona at Lone Mountain.(4)Total number of units owned as of December 31, 2025 is 13,305, however 22 units are currently down (Rockledge: 20 units, Summers Landing: 1 unit, Sedona at Lone Mountain: 1 unit).(5)We define Return on Investment ("ROI") as the sum of the actual rent premium divided by the sum of the total cost.Full Year 2025 Financial ResultsTotal revenues were $251.3 million for the full year 2025, compared to $259.7 million for the full year 2024.Net loss attributable to common stockholders for the full year 2025 totaled $32.0 million, or loss of $1.26 per diluted share, which included $95.8 million of depreciation and amortization expense. This compared to net income attributable to common stockholders of $1.1 million, or income of $0.04 per diluted share, which included a gain on sales of real estate of $54.2 million and $97.8 million of depreciation and amortization expense for the full year 2024.The change in our net loss of $32.2 million for the year ended December 31, 2025 as compared to our net income of $1.1 million for the year ended December 31, 2024 primarily relates to decreases in gain on sales of real estate and rental income of $54.2 million and $8.2 million, respectively, partially offset by a decrease in loss on extinguishment of debt and modification costs of $24.0 million.For the full year 2025, NOI was $151.7 million on 36 properties, compared to $157.0 million for the full year 2024 on 35 properties.For the full year 2025, 2024-2025 Same Store NOI decreased 1.6% to $151.6 million, compared to $154.1 million for the full year 2024.For the full year 2025, FFO totaled $63.3 million, or $2.48 per diluted share, compared to $44.5 million, or $1.69 per diluted share, for the full year 2024. For the full year 2025, Core FFO totaled $71.3 million, or $2.79 per diluted share, compared to $73.1 million, or $2.79 per diluted share, for the full year 2024. For the full year 2025, AFFO totaled $81.1 million, or $3.18 per diluted share, compared to $83.6 million, or $3.19 per diluted share, for the full year 2024.Fourth Quarter 2025 Financial ResultsTotal revenues were $62.1 million for the fourth quarter of 2025, compared to $63.8 million for the fourth quarter of 2024.Net loss attributable to common stockholders for the fourth quarter of 2025 totaled $10.3 million, or a loss of $0.41 per diluted share, which included $23.6 million of depreciation and amortization expense and $15.7 million of interest expense. This compared to net loss attributable to common stockholders of $26.9 million, or loss of $1.06 per diluted share, for the fourth quarter of 2024, which included $24.4 million of depreciation and amortization expense and $15.5 million of interest expense.The change in our net loss of $10.3 million for the fourth quarter of 2025 as compared to our net loss of $27.0 primarily relates to a decrease in loss on extinguishment of debt and modification costs of $23.2 million.For the fourth quarter of 2025, NOI was $37.1 million on 36 properties, compared to $38.9 million for the fourth quarter of 2024 on 35 properties.For the fourth quarter of 2025, Q4 Same Store NOI decreased 4.8% to $37.0 million, compared to $38.9 million for the fourth quarter of 2024.For the fourth quarter of 2025, FFO totaled $13.2 million, or $0.52 per diluted share, compared to $(6.5) million, or $(0.25) per diluted share, for the fourth quarter of 2024. For the fourth quarter of 2025, Core FFO totaled $16.5 million, or $0.65 per diluted share, compared to $17.7 million, or $0.68 per diluted share, for the fourth quarter of 2024. For the fourth quarter of 2025, AFFO totaled $19.1 million, or $0.75 per diluted share, compared to $20.3 million, or $0.78 per diluted share, for the fourth quarter of 2024.Fourth Quarter Earnings Conference CallNXRT will host a call on Tuesday, February 24, 2026, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2025 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.A replay of the conference call will also be available through Tuesday, March 10, 2026, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.About NXRTNexPoint Residential Trust, Inc. is a publicly traded real estate investment trust ("REIT"), with its common stock listed on the New York Stock Exchange and NYSE Texas, Inc. under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the "SEC") are available on our website, nxrt.nexpoint.com, under the "Financials" tab.Cautionary Statement Regarding Forward-Looking StatementsThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "may," "plan," "believe" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's business and industry in general, the belief that share repurchases are an attractive arbitrage opportunity given the persistent private/public market discount, forecasted submarket deliveries, 2026 full year guidance for earnings per diluted share and Core FFO per diluted share and the related components and assumptions, including acquisitions and dispositions, shares outstanding, and same store growth projections, NXRT's net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt, and shares outstanding, net income and NOI guidance for the full year and first quarter of 2026 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, and expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the SEC, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.FFO, Core FFO and AFFOThe following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2025, 2024 and 2023 and for the three months ended December 31, 2025 and 2024 (in thousands, except per share amounts):
For the Year Ended December 31,
For the Three Months Ended
December 31,
2025
2024
2023
2025
2024
Net income (loss)
$(32,154)
$1,114
$44,433
$(10,348)
$(27,038)
Depreciation and amortization
95,752
97,762
95,186
23,560
24,389
Gain on sales of real estate(1)
—
(54,246)
(67,926)
—
(3,851)
Adjustment for noncontrolling interests
(251)
(176)
(273)
(52)
26
FFO attributable to common stockholders
63,347
44,454
71,420
13,160
(6,474)
FFO per share - basic
$2.49
$1.74
$2.78
$0.52
$(0.25)
FFO per share - diluted
$2.48
$1.69
$2.72
$0.52
$(0.25)
Loss on extinguishment of debt and modification costs
—
24,004
2,409
—
23,203
Casualty-related expenses/(recoveries)
264
1,389
(2,214)
1,700
(249)
Casualty loss
167
626
856
4
88
Gain on forfeited deposits
—
—
(250)
—
—
Amortization of deferred financing costs
6,585
3,364
2,945
1,656
1,314
Mark-to-market adjustments of interest rate caps
961
(593)
1,484
26
(124)
Adjustment for noncontrolling interests
(31)
(114)
(20)
(13)
(96)
Core FFO attributable to common stockholders
71,293
73,130
76,630
16,533
17,662
Core FFO per share - basic
$2.81
$2.87
$2.99
$0.65
$0.70
Core FFO per share - diluted
$2.79
$2.79
$2.92
$0.65
$0.68
Equity-based compensation expense
9,883
10,543
9,287
2,546
2,642
Adjustment for noncontrolling interests
(39)
(42)
(35)
(10)
(10)
AFFO attributable to common stockholders
81,137
83,631
85,882
19,069
20,294
AFFO per share - basic
$3.20
$3.28
$3.35
$0.75
$0.80
AFFO per share - diluted
$3.18
$3.19
$3.27
$0.75
$0.78
Weighted average common shares outstanding - basic
25,390
25,516
25,654
25,364
25,404
Weighted average common shares outstanding - diluted(2)
25,554
26,246
26,245
25,411
26,161
Dividends declared per common share
$2.06
$1.90
$1.72
$0.53
$0.51
Net income (loss) Coverage - diluted(3)-0.61x
0.02x
0.98x
-0.77x
-2.08x
FFO Coverage - diluted(3)1.20x
0.89x
1.58x
0.98x
-0.50x
Core FFO Coverage - diluted(3)1.35x
1.47x
1.70x
1.23x
1.32x
AFFO Coverage - diluted(3)1.54x
1.68x
1.90x
1.42x
1.52x
(1)$31.5 million with a related party for the year ended December 31, 2024.(2)The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.(3)Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.Definitions and Reconciliations of Non-GAAP MeasuresDefinitionsThis presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income ("NOI"), funds from operations attributable to common stockholders ("FFO"), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO ("AFFO"), AFFO per diluted share and net debt.NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty loss, (8) gain on forfeited deposits, (9) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (9) equity in earnings of affiliate. We define "Same Store NOI" as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT"), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, gain on forfeited deposits, casualty-related expenses/(recoveries) and loss (gain), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to current presentations.AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the related noncontrolling interests (as described above) related to this item.Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of REITs among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative or substitute to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative or substitute to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SECReconciliationsNOI and Same Store NOIThe following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the years ended December 31, 2025, 2024 and 2023, and our 2024-2025 and our Q4 Same Store NOI for the years and three months ended December 31, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):
For the Year Ended December 31,
For the Three Months Ended
December 31,
2025
2024
2023
2025
2024
Net income (loss)
$(32,154)
$1,114
44,433
$(10,348)
$(27,038)
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees
6,941
6,899
7,645
1,765
1,720
Corporate general and administrative expenses
17,945
19,399
17,146
4,150
4,875
Corporate income
(1,666)
(2,215)
(483)
(462)
(959)
Casualty-related expenses/(recoveries)(1)
264
1,389
(2,214)
1,700
(249)
Casualty loss
167
626
856
4
88
Gain on forfeited deposits
—
—
(250)
Property general and administrative expenses(2)
4,010
3,998
3,701
1,096
1,277
Depreciation and amortization
95,752
97,762
95,186
23,560
24,389
Interest expense
60,735
58,477
67,106
15,733
15,521
Equity in earnings of affiliate
(257)
(172)
(205)
(74)
(28)
Loss on extinguishment of debt and modification costs
—
24,004
2,409
—
23,203
Gain on sales of real estate(3)
—
(54,246)
(67,926)
—
(3,851)
NOI
$151,737
$157,035
$167,404
$37,124
$38,948
Less Non-Same Store
Revenues
(250)
(5,478)
(243)
58
Operating expenses
104
2,496
124
(122)
Operating income
—
(3)
—
—
Same Store NOI
$151,591
$154,050
$37,005
$38,884
(1)Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).(2)Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.(3)$31.5 million with a related party for the year ended December 31, 2024.Reconciliation of Debt to Net Debt(dollar amounts in thousands)
FY 2025
FY 2024
FY 2023
Total mortgage debt
$1,503,242
$1,503,242
$1,551,236
Credit facilities
90,000
—
24,000
Total Debt
1,593,242
1,503,242
1,575,236
Adjustments to arrive at net debt:
Cash and cash equivalents
(13,704)
(23,148)
(12,367)
Restricted cash held for value-add upgrades and green improvements
(7,639)
(3,177)
(2,929)
Net Debt
$1,571,899
$1,476,917
$1,559,940
Enterprise Value (1)
$2,334,899
$2,537,917
$2,443,940
Leverage Ratio
67%
58%
64%
(1)Enterprise Value is calculated as Market Capitalization as of December 31, 2025 plus net debt.Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFOThe following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2026 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 and for the three months ended March 31, 2026 (in thousands):
For the Year Ended
December 31, 2026
For the Three Months Ended
March 31, 2026
Mid-Point (1)
Mid-Point (1)
Net loss
$(36,114)
$(10,335)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees
7,169
1,768
Corporate general and administrative expenses
19,112
4,675
Corporate income
(1,757)
(472)
Property general and administrative expenses(2)
4,161
1,011
Depreciation and amortization
95,675
25,991
Interest expense
67,098
15,502
Equity in earnings of affiliate
(310)
(75)
NOI
$155,034
$38,064
Less Non-Same Store
Revenues(3)
(6,387)
Operating expenses(3)
2,212
Same Store NOI(3)$150,859
(1)Mid-Point estimates shown for full year and first quarter 2026 guidance. Assumptions made for full year and first quarter 2026 NOI guidance include the Same Store operating growth projections included in the "2026 Full Year Guidance Summary" section of this release and the effect of the acquisition and dispositions throughout the fiscal year.(2)Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.(3)Amounts are derived from the results of operations of our 2026 Same Store properties (assuming 35 properties are in our Full Year 2026 Same Store pool) and Non-Same Store properties.The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2026 (in thousands, except per share data):
For the Year Ended December 31, 2026
Mid-Point
Net loss
$(36,114)
Depreciation and amortization
95,675
Adjustment for noncontrolling interests
(235)
FFO attributable to common stockholders
59,326
FFO per share - diluted (1)
$2.31
Amortization of deferred financing costs
6,654
Mark-to-market adjustments of interest rate caps
16
Adjustment for noncontrolling interests
(26)
Core FFO attributable to common stockholders
65,970
Core FFO per share - diluted (1)
$2.57
Equity-based compensation expense
11,053
Adjustment for noncontrolling interests
(44)
AFFO attributable to common stockholders
76,979
AFFO per share - diluted (1)
$2.99
Weighted average common shares outstanding - diluted
25,719
(1)For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.7 million for the full year 2026. Contact:
Investor Relations
Kristen Griffith
IR @NLionGuy
Media inquiries: Comms@nexpoint.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-fourth-quarter-and-full-year-2025-results-302695505.htmlSOURCE NexPoint Residential Trust, Inc.
Original: NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Enterprising Investor
8年前
NexPoint Residential Trust, Inc. Reports Second Quarter 2018 Results (7/31/18)
Strong Demand and Lower Expenses Drive Increases to Same Store NOI and Core FFO Guidance, 5.5% Growth on New Leases;
$9.7 Million Share Repurchases YTD through June 30, 2018
DALLAS, July 31, 2018 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the second quarter ended June 30, 2018.
Highlights
• NXRT reported Net Loss, FFO1, Core FFO1 and AFFO1 of $(1.7)M, $9.3M, $8.7M and $10.2M, respectively, attributable to common stockholders for the quarter ended June 30, 2018.
• For the three months ended June 30, 2018, Q2 Same Store properties2 average effective rent, occupancy, total revenue and NOI1 increased 3.6%, 1.6%, 4.7% and 11.0%, respectively, over the prior year period.
• Q2 Same Store expenses decreased 2.2% in the second quarter due to implementation of the Freddie Mac Green-Up Program and lower property taxes through aggressive challenges of assessed values.
• The weighted average effective monthly rent per unit across all 32 properties held as of June 30, 2018 (the "Portfolio"), consisting of 11,471 units, was $967, while physical occupancy was 94.2%.
• NXRT paid a second quarter dividend of $0.25 per share of common stock on June 29, 2018.
• During the second quarter, for the properties in our Portfolio, NXRT completed 379 full and partial upgrades and leased 215 upgraded units, achieving $94 average monthly rent premiums and a 24.6% ROI3. Since inception, for the properties in our Portfolio, we have completed 4,906 full and partial upgrades and achieved a $92 average monthly rental increase per unit, equating to a 21.4% ROI on all units leased as of June 30, 2018.
• During the second quarter of 2018, NXRT repurchased 178,988 shares of its common stock at a total cost of approximately $4,615,000, or $25.78 per share. As of June 30, 2018, NXRT had repurchased a total of 737,458 shares of its common stock at a total cost of approximately $16,694,000, or $22.64 per share.
"Fundamental strength and further execution of our business plans led to another strong quarter of results for NXRT. We are pleased with the results of our efforts to deliver value for our residents and our shareholders, and we believe the future outlook for quality Class B/workforce housing in our high-growth markets remains bright." – James D. Dondero, Chairman and President
Second Quarter 2018 Financial Results
• Total revenues were $35.7 million for the second quarter of 2018, compared to $35.2 million for the second quarter of 2017.
• Net loss for the second quarter of 2018 totaled $(1.7) million, or a loss of $(0.08) per diluted share, which included $11.0 million of depreciation and amortization expense. This compared to net income of $7.4 million, or $0.34 per diluted share, for the second quarter of 2017, which included $19.9 million of gain on sales of real estate and $12.2 million of depreciation and amortization expense.
• The change in our net income (loss) between the periods primarily relates to a decrease in gain on sales of real estate, and was partially offset by decreases in property operating expenses, depreciation and amortization, and loss on extinguishment of debt and modification costs.
• For the second quarter of 2018, NOI was $19.8 million on 32 properties, compared to $18.1 million for the second quarter of 2017 on 37 properties.
• For the second quarter of 2018, Q2 Same Store NOI increased 11.0% to $17.5 million, compared to $15.7 million for the second quarter of 2017.
• For the second quarter of 2018, FFO totaled $9.3 million, or $0.44 per diluted share, compared to $1.7 million, or $0.08 per diluted share, for the second quarter of 2017.
• For the second quarter of 2018, Core FFO totaled $8.7 million, or $0.41 per diluted share, compared to $6.1 million, or $0.28 per diluted share, for the second quarter of 2017.
• For the second quarter of 2018, AFFO totaled $10.2 million, or $0.48 per diluted share, compared to $7.4 million, or $0.35 per diluted share, for the second quarter of 2017.
Q2 Same Store Results of Operations for the Three Months Ended June 30, 2018 and 2017
As of June 30, 2018, our 30 properties encompassing 10,383 units of apartment space in our Q2 Same Store pool were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $944, a year over year increase of 160 bps and $32, respectively.
[tables deleted]
YTD Same Store Results of Operations for the Six Months Ended June 30, 2018 and 2017
There are 29 properties encompassing 10,123 units of apartment space in our Same Store pool for the six months ended June 30, 2018 (our "YTD Same Store" properties). As of June 30, 2018, our YTD Same Store properties were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $944, a year over year increase of 157 bps and $34, respectively.
Value-Add Programs
For the properties in our Portfolio as of June 30, 2018, we completed full and partial renovations on 379 units in the second quarter of 2018 at an average cost of $4,547 per renovated unit. Since inception, for the properties in our Portfolio, we have completed full and partial renovations on 4,906 units at an average cost of $5,015 per renovated unit that has been leased as of June 30, 2018. We have achieved average rent growth of 10.8%, or a $92 average monthly rental increase per unit, on all units renovated and leased as of June 30, 2018, resulting in a 21.4% ROI.
Third Quarter 2018 Dividend
On July 30, 2018, NXRT's board of directors declared a quarterly dividend of $0.25 per share of common stock. The dividend will be paid on September 28, 2018 to stockholders of record on September 14, 2018.
Share Repurchase Program
As noted above, during the second quarter, NXRT repurchased 178,988 shares of its common stock at a total cost of approximately $4,615,000, or $25.78 per share. As of June 30, 2018, NXRT had repurchased a total of 737,458 shares of its common stock at a total cost of approximately $16,694,000, or $22.64 per share. As of June 30, 2018, NXRT had 20,747,367 shares of its common stock issued and outstanding.
Additional information on second quarter 2018 results and 2018 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Second Quarter Earnings Conference Call
NXRT will host a call on Tuesday, July 31, 2018 at 11:00 a.m. ET to discuss its second quarter financial results. The conference call can be accessed live over the phone by dialing (334) 323-0522 or, for international callers, (877) 260-1479, and using passcode Conference ID: 7830851. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.
A replay of the conference call will also be available through Tuesday, August 7, 2018, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering passcode 7830851.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
https://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-second-quarter-2018-results-300689104.html
Enterprising Investor
8年前
NexPoint Residential Trust, Inc. Reports First Quarter 2018 Results (5/01/18)
$10.1 million net income, 5.9% same-store NOI growth;
$5.1 million of shares repurchased in the first quarter, $9.4 million year-to-date through April 30, 2018;
NXRT Board authorized $10 million increase and two-year extension of the Share Repurchase Program
DALLAS, May 1, 2018 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the first quarter ended March 31, 2018.
Highlights
•NXRT reported Net Income, FFO1, Core FFO1 and AFFO1 of $10.1M, $7.7M, $8.3M and $9.5M, respectively, attributable to common stockholders for the quarter ended March 31, 2018.
•For the three months ended March 31, 2018, Same Store properties average effective rent, total revenue and NOI1 increased 3.9%, 3.6% and 5.9%, respectively, over the prior year period.
•The weighted average effective monthly rent per unit across all 32 properties held as of March 31, 2018 (the "Portfolio"), consisting of 11,471 units, was $958, while physical occupancy was 94.0%.
•NXRT paid a first quarter dividend of $0.25 per share of common stock on March 29, 2018.
•During the first quarter, NXRT completed the disposition of Timberglen for gross sales proceeds of $30.0 million.
•In February 2018, NXRT used $8.6 million of proceeds from the Timberglen sale to pay the remaining outstanding balance on the bridge facility with KeyBank National Association (the "2017 Bridge Facility"), which retired the bridge facility.
•During the first quarter, for the properties in our Portfolio, NXRT completed 298 full and partial upgrades and leased 167 upgraded units, achieving $95 average monthly rent premiums and a 21.2% ROI2. Since inception, for the properties in our Portfolio, we have completed 4,527 full and partial upgrades and achieved a $90 average monthly rental increase per unit, equating to a 21.2% ROI on all units leased as of March 31, 2018.
•During the first quarter of 2018, NXRT repurchased 203,953 shares of its common stock at a total cost of approximately $5,058,000, or $24.80 per share. As of March 31, 2018, NXRT had repurchased a total of 558,470 shares of its common stock at a total cost of approximately $12,079,000, or $21.63 per share.
•On February 12, 2018, NXRT's board of directors, including its independent directors, unanimously approved a renewal of the Advisory Agreement with NexPoint Real Estate Advisors, L.P. (the "Adviser") for a one-year term that expires on March 16, 2019.
"We achieved a strong start for the year in the first quarter, maintaining a steady pace of revenue growth while limiting controllable operating expense inflation. The Company strategically disposed of Timberglen for gross sale proceeds of $30.0 million, retired the 2017 Bridge Facility, and bought back over 200,000 shares at appreciable discounts to our internal Net Asset Value projection," according to NXRT's Chairman and President, Jim Dondero. "Management remains bullish on the fundamentals for well-located workforce housing in the Southeast and Southwest and we will keep working methodically to produce strong financial performance."
First Quarter 2018 Financial Results
•Total revenues were $35.1 million for the first quarter of 2018, compared to $37.0 million for the first quarter of 2017.
•Net income for the first quarter of 2018 totaled $10.1 million, or earnings of $0.47 per diluted share, which included $13.7 million of gain on sale of real estate and $11.4 million of depreciation and amortization expense. This compared to a net loss of $(3.6) million, or $(0.17) per diluted share, for the first quarter of 2017, which included $12.4 million of depreciation and amortization expense.
•The change in our net income (loss) between the periods primarily relates to increases in gain on sale of real estate and same store operating results, and was partially offset by increases in corporate general and administrative expenses and loss on extinguishment of debt and modification costs.
•For the first quarter of 2018, NOI¹ was $19.1 million on 32 properties, compared to $19.7 million for the first quarter of 2017 on 40 properties.
•For the first quarter of 2018, Same Store NOI¹ increased 5.9% to $16.5 million, compared to $15.6 million for the first quarter of 2017.
•For the first quarter of 2018, FFO¹ totaled $7.7 million, or $0.36 per diluted share, compared to $8.0 million, or $0.38 per diluted share, for the first quarter of 2017.
•For the first quarter of 2018, Core FFO¹ totaled $8.3 million, or $0.39 per diluted share, compared to $8.1 million, or $0.38 per diluted share, for the first quarter of 2017.
•For the first quarter of 2018, AFFO¹ totaled $9.5 million, or $0.45 per diluted share, compared to $9.1 million, or $0.43 per diluted share, for the first quarter of 2017.
1. FFO, Core FFO, AFFO and NOI are non-GAAP measures. For reconciliations of FFO, Core FFO, AFFO and NOI to net income, and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
2. We define Return on Investment ("ROI") as the sum of the actual rent premium divided by the sum of the total cost.
[tables deleted]
Same Store Results of Operations
There are 29 properties encompassing 10,123 units of apartment space in our same store pool for the three months ended March 31, 2018 (our "Same Store" properties). As of March 31, 2018, our Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $933. As of March 31, 2017, our Same Store properties were approximately 94.6% leased with a weighted average monthly effective rent per occupied apartment unit of $899.
Disposition of Property
As previously reported, we sold Timberglen on January 31, 2018 for a gross sales price of $30.0 million, achieving a 44.77% IRR and 3.78x multiple on invested capital1. We used $8.6 million of the proceeds from the sale to pay the remaining $8.6 million outstanding on our 2017 Bridge Facility, which retired the bridge facility.
Value-Add Programs
For the properties in our Portfolio as of March 31, 2018, we completed full and partial renovations on 298 units in the first quarter of 2018 at an average cost of $5,409 per renovated unit. Since inception, for the properties in our Portfolio, we have completed full and partial renovations on 4,527 units at an average cost of $5,002 per renovated unit that has been leased as of March 31, 2018. We have achieved average rent growth of 10.8%, or a $90 average monthly rental increase per unit, on all units renovated and leased as of March 31, 2018, resulting in a 21.2% ROI.
Second Quarter 2018 Dividend
On April 30, 2018, NXRT's board of directors declared a quarterly dividend of $0.25 per share of common stock. The dividend will be paid on June 29, 2018 to stockholders of record on June 15, 2018.
Share Repurchase Program
As noted above, during the first quarter, NXRT repurchased 203,953 shares of its common stock at a total cost of approximately $5,058,000, or $24.80 per share. As of March 31, 2018, NXRT had repurchased a total of 558,470 shares of its common stock at a total cost of approximately $12,079,000, or $21.63 per share. As of March 31, 2018, NXRT had 20,926,355 shares of its common stock issued and outstanding.
Subsequent Events
Share Repurchase Program
Subsequent to March 31, 2018 and through April 30, 2018, NXRT repurchased 167,267 shares of its common stock at a total cost of approximately $4,307,000 or $25.75 per share. As of April 30, 2018, NXRT had repurchased a total of 725,737 shares of its common stock at a total cost of approximately $16,386,000, or $22.58 per share. On April 30, 2018, the Board authorized increasing the Share Repurchase Program to up to $40.0 million, and extending it by an additional two years to June 15, 2020.
Additional information on first quarter 2018 results and 2018 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
First Quarter Earnings Conference Call
NXRT will host a call on Tuesday, May 1, 2018 at 11:00 a.m. ET to discuss its first quarter financial results. The conference call can be accessed live over the phone by dialing (334) 323-0522 or, for international callers, (877) 260-1479, and using passcode Conference ID: 6756596. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.
A replay of the conference call will also be available through Tuesday, May 8, 2018, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering passcode 6756596.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
https://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-first-quarter-2018-results-300639947.html
Enterprising Investor
10年前
NexPoint Residential Trust, Inc. Reports Third Quarter Results (11/10/16)
DALLAS, Nov. 10, 2016 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the quarter ended September 30, 2016.
Third Quarter 2016 Highlights
•NXRT paid a third quarter dividend of $0.206 per share of NXRT common stock on September 30, 2016.
•On November 7, 2016, NXRT's board of directors approved a quarterly dividend of $0.220 per share of NXRT common stock, a $0.014 per share, or 6.8% increase, over the prior quarter's dividend. The dividend is payable on December 30, 2016 to stockholders of record on December 15, 2016.
•Net income totaled $8.8 million, or earnings of $0.33 per common share, which included $9.6 million of gain on sales of four properties, Colonial Forest, Park at Blanding, Willowdale Crossings and Jade Park, and depreciation and amortization of $8.7 million, compared to net income of $16.6 million, or earnings of $0.69 per common share, for the second quarter of 2016, which included $16.4 million of gain on sales of three properties, Meridian, Park at Regency, and Mandarin Reserve, and depreciation and amortization of $8.1 million.
•FFO¹, net of four dispositions made during the quarter, totaled $6.9 million, or $0.32 per common share, compared to $7.2 million, or $0.34 per common share, for the second quarter of 2016.
•AFFO¹ totaled $16.2 million, or $0.76 per common share, which included $8.0 million, the Company's share of gain on sales of four properties. This compared to $22.5 million, or $1.06 per common share, for the second quarter of 2016, which included $14.8 million, the Company's share of gain on sales of three properties.
•NOI¹ was $17.1 million for the third quarter of 2016, compared to $17.4 million for the second quarter of 2016.
•Total revenues were $33.1 million for the quarter, compared to $33.7 million for the second quarter of 2016.
•Same Store total revenues, NOI and occupancy increased 10.2%, 12.8%, and 48 basis points to 93.9%, respectively, as compared to the third quarter of 2015.
•The weighted average effective monthly rent per unit across all 36 properties held as of September 30, 2016, consisting of 11,626 units, was $848, while physical occupancy was 93.6%.
•NXRT completed upgrades on 538 units and leased 569 upgraded units during the third quarter of 2016, achieving a 21.2% ROI on those units. Since inception, we have completed 4,118 upgrades and achieved a $85 average monthly rental increase per unit, equating to a 21.2% ROI on all units leased through September 30, 2016.
•On June 15, 2016, the Company's Board of Directors authorized the repurchase of up to $30.0 million of the Company's common stock. During the third quarter, NXRT purchased 76,214 shares of its common stock at a total cost of approximately $1,435,000, or $18.83 per share. As of November 9, 2016, the Company had purchased a total of 233,346 shares of its common stock under the share repurchase program at a total cost of approximately $4,279,000, or $18.34 per share.
•As mentioned above, the Company completed the disposition of four properties during the quarter: Colonial Forest and Park at Blanding in Jacksonville, Florida, Willowdale Crossings in Frederick, Maryland, and Jade Park in Daytona Beach, Florida for a combined $69.7 million of gross sale proceeds. The Company recognized a $9.6 million gain on the sales while the investments returned an approximate cumulative levered IRR of 17.27% and an approximate equity multiple of 1.39x. The exit from the entire Jacksonville portfolio yielded a 31.5% IRR and 1.62x equity multiple over a 24 month hold period.
1AFFO, FFO and NOI are non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
"Having fixed $400 million, or 73.2% of our floating rate debt (swapping LIBOR for 0.9956% for five years), successfully disposing of seven properties, buying back approximately $4.3 million of the Company's stock and redeploying capital into more attractive opportunities in West Palm Beach and Phoenix, we feel it is an appropriate time to increase our quarterly dividend and target a payout ratio of 60 to 65% of our annual funds from operations (FFO). We remain bullish on the internal growth prospects within our existing portfolio and investment opportunities in workforce housing across our core markets and look forward to continuing to deliver value and results for our residents and our stockholders," stated, NXRT Chairman and President, Jim Dondero.
Third Quarter Financial Results
The Company recorded net income in the third quarter of 2016 of $8.8 million, which included gain on sales of real estate of $9.6 million and depreciation and amortization of $8.7 million. This compared to a net loss of $(0.9) million for the third quarter of 2015, which included depreciation and amortization of $9.1 million. For the nine months ended September 30, 2016, NXRT had net income of $25.7 million, which included $25.9 million of gain on sales of real estate and $26.4 million of depreciation and amortization. This compared to net loss of $(9.0) million for the nine months ended September 30, 2015, which included depreciation and amortization of $30.8 million.
For the three months ended September 30, 2016, FFO was $6.9 million, or $0.32 per common share, and AFFO was $16.2 million, or $0.76 per common share. For the nine months ended September 30, 2016, FFO was $22.7 million, or $1.07 per common share, and AFFO was $48.0 million, or $2.25 per common share.
The change in the Company's net income (loss) for the quarter ended September 30, 2016 as compared to the quarter ended September 30, 2015, primarily relate to strong year-over-year performance of our same store portfolio and the disposition of four properties during the third quarter of 2016, as compared to no dispositions during the third quarter of 2015.
Same Store Properties Operating Results
The Company's Same Store property pool at September 30, 2016 included 32 properties totaling 10,292 units, or approximately 88.5% of the Company's 11,626 units. These Same Store properties represented approximately 85.7% of NXRT's NOI for the quarter ended September 30, 2016.
Same Store total revenues, NOI, and occupancy increased 10.2%, 12.8%, and 48 basis points to 93.9%, respectively, in the third quarter of 2016, compared to the third quarter of 2015.
Disposition of Assets
During the third quarter, the Company completed the disposition of Colonial Forest and Park at Blanding in Jacksonville, Florida, Willowdale Crossings in Frederick, Maryland, and Jade Park in Daytona Beach, Florida for a combined $69.7 million of gross sale proceeds, generating an approximate cumulative levered IRR of 17.27% and an approximate equity multiple of 1.39x. Net proceeds from the dispositions were used to retire existing debt, buy back stock and to partially fund the Company's acquisition of The Colonnade (through a 1031 like-kind exchange of Willowdale Crossings) subsequent to quarter end. The exit from the Jacksonville portfolio yielded a 31.5% IRR and 1.62x equity multiple over a 24 month hold period.
Value-Add Programs
For the three months ended September 30, 2016 and 2015, we completed full and partial interior rehabs on 538 and 696 units, respectively. For the nine months ended September 30, 2016 and 2015, we completed full and partial interior rehabs on 1,475 and 1,543 units, respectively.
[tables deleted]
Bridge Facility
During the nine months ended September 30, 2016, the Company paid down the entire $29.0 million of principal on its bridge facility, which was funded with $18.0 million of the Company's share of proceeds, net of distributions to noncontrolling interests, from the sales of Park at Regency and Mandarin Reserve, $9.0 million of proceeds drawn under the Company's Credit Facility and $2.0 million of cash on hand. The Bridge Facility was retired on August 2, 2016.
Interest Rate Swap Agreements
In order to fix a portion of, and mitigate the risk associated with, the Company's floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into four interest rate swap transactions with KeyBank (the "Counterparty") with a combined notional amount of $400.0 million. The interest rate swaps effectively replace the floating interest rate (one-month LIBOR) with a weighted average fixed rate of 0.9956%. During the term of these interest rate swap agreements, the Company is required to make monthly fixed rate payments of 0.9956%, on a weighted average basis, on the notional amounts, while the Counterparty is obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amounts. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk.
Third Quarter 2016 Dividend
On August 9, 2016, the Company declared its sixth consecutive quarterly dividend of $0.206 per share of NXRT common stock, which was paid on September 30, 2016 to stockholders of record on September 15, 2016.
Share Repurchase Program
During the nine months ended September 30, 2016, the Company purchased 81,214 shares of its common stock at a total cost of approximately $1,524,000, or $18.76 per share. The cost of these shares is included in common stock held in treasury at cost on the consolidated balance sheet as of September 30, 2016. As of September 30, 2016, the Company had 21,293,825 million shares of its common stock issued and 21,212,611 shares outstanding. Subsequent to September 30, 2016 and through November 9, 2016, the Company purchased 152,132 shares of its common stock under its share repurchase program, at a total cost of approximately $2,756,000, or $18.11 per share. As of November 9, 2016, the Company had purchased a total of 233,346 shares of its common stock under its share repurchase program at a total cost of approximately $4,279,000, or $18.34 per share, which will be included in common stock held in treasury at cost on the Company's consolidated balance sheet. As of November 9, 2016, the Company had 21,293,825 million shares of its common stock issued and 21,060,479 shares outstanding.
Subsequent Events
On October 11, 2016, NXRT acquired The Colonnade, a 415-unit property in Phoenix, Arizona, for $44.6 million. The Company expanded its Credit Facility and used $29.5 million of proceeds drawn to fund a portion of the purchase price, as well as proceeds, net of distributions to noncontrolling interests, from the sales of Willowdale Crossings and Jade Park and cash on hand. This is the Company's third acquisition in Phoenix in the last 14 months, expanding NXRT's footprint in the market to 1,199 units and bringing NXRT's total portfolio to 37 properties consisting of 12,041 units in 10 markets as of November 10, 2016.
The Company acquired the following property subsequent to September 30, 2016 (dollars in thousands) (unaudited):
The Colonnade
Phoenix, Arizona
October 11, 2016
Purchase price: $44,600
Debt: $29,500
Units: 415
Minority interest: 3%
Dividend Increase
On November 7, 2016, NXRT's board of directors approved a quarterly dividend of $0.220 per share of NXRT common stock, a $0.014 per share, or 6.8% increase, over the prior quarter's dividend. The dividend is payable on December 30, 2016 to stockholders of record on December 15, 2016.
2016 Full Year Guidance
At this time, the Company reaffirms updated full year 2016 guidance for NOI, FFO and AFFO as disclosed in the Company's June 2016 Investor Presentation. AFFO guidance excludes gain on sales.
•NOI: $68.0 million - $70.0 million
•FFO: $1.38 - $1.47 per share
•AFFO: $1.46 – $1.55 per share
See the "Definitions and Reconciliations" section of this press release for a reconciliation of 2016 Full Year Non-GAAP Guidance to 2016 Full Year net income guidance.
Additional information on third quarter results and 2016 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
Third Quarter Earnings Conference Call
NXRT will host a call to discuss its third quarter results on Thursday, November 10, 2016 at 11:00 a.m. ET. The number to call for this interactive teleconference is (800) 344-6698, or for international callers, (785) 830-7979 in each case using passcode 7206789. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations").
A replay of the call will be available approximately two hours after the call through Thursday, November 17, 2016, by dialing (888) 203-1112, or for international callers, (719) 457-0820 and entering the confirmation number, 7206789.
Fourth Quarter Conference Schedule
The Company is scheduled to participate in the NAREIT's REITWorld Conference in Phoenix, Arizona, from November 15-17, 2016. During this conference, management may discuss the Company's current operating environment; operating trends; development, redevelopment, disposition and acquisition activity; portfolio strategy and other business and financial matters affecting the Company. Details on how to access related materials will be available on the Company's website at http://www.nexpointliving.com/presentations one business day in advance of the conference.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-third-quarter-results-300360554.html
Enterprising Investor
10年前
NexPoint Residential Trust, Inc. Reports Second Quarter Results (8/09/16)
DALLAS, Aug. 9, 2016 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the quarter ended June 30, 2016.
Second Quarter 2016 Highlights
•NXRT paid a second quarter dividend of $0.206 per share of NXRT common stock on June 30, 2016. On August 8, 2016, NXRT's board of directors approved a quarterly dividend of $0.206 per share of NXRT common stock, payable on September 30, 2016 to stockholders of record on September 15, 2016
•Net income totaled $16.6 million, or earnings of $0.69 per common share; includes gain on sales of three properties, Meridian, Mandarin Reserve and Park at Regency, or $16.4 million, and depreciation and amortization of $8.1 million, compared to net income of $0.3 million, or loss of less than $(0.01) per common share, for the first quarter of 2016
•AFFO¹ totaled $22.5 million, or $1.06 per common share; includes the Company's share of gain on sales of three properties. This compared to $8.9 million, or $0.42 per common share, for the first quarter of 2016
•FFO,¹ which excludes the gain on sales, totaled $7.2 million, or $0.34 per common share, compared to $8.6 million, or $0.41 per common share, for the first quarter of 2016
•NOI¹ was $17.4 million for the second quarter of 2016, compared to $17.7 million for the first quarter of 2016
•Total revenues were $33.7 million for the quarter, compared to $33.5 million for the first quarter
•The weighted average effective monthly rent per unit across all 39 properties held as of June 30, 2016, consisting of 12,276 units, was $830, while physical occupancy was 93.7%
•NXRT completed upgrades on 550 units during the second quarter of 2016. Since inception, we have completed 3,580 upgrades and achieved a $96 average monthly rental increase per unit, equating to 21.0% ROI on all units leased through June 30, 2016
•Same Store total revenues, NOI and occupancy increased 10.2%, 11.0%, and 87 basis points to 93.9%, respectively, as compared to the second quarter of 2015
•In the second quarter, NXRT's Board of Directors authorized the repurchase of up to $30.0 million of its common stock. This authorization expires on June 15, 2018
•As mentioned above, the Company completed the disposition of three properties during the quarter: Mandarin Reserve and Park at Regency in Jacksonville, Florida for approximately $47.0 million and Meridian in Austin, Texas for approximately $17.25 million.
1AFFO, FFO and NOI are non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
"NXRT delivered sector-leading operating performance in the second quarter 2016, further substantiating the merits of our growth model and broader business strategy," according to NXRT Chairman and President, Jim Dondero. "We accelerated the execution of value-add programs in the second quarter of 2016, completing 550 unit upgrades during the period while decreasing average cost per unit by 80 bps. This performance, coupled with the completion of exterior, common area and amenity improvements, drove an 11.6% increase to effective rent premiums on upgraded units, up $10 to $96 per month on average over the prior tenant.
We were also pleased with our capital allocation execution during the quarter, in which we retired more than $70 million of mortgage and bridge debt, swapped $300 million of notional floating rate debt (effective July 1, 2016) at an average fixed rate of 1.0088%, and completed the acquisition of a lower risk, higher growth opportunity (City View) through a like-kind exchange."
Second Quarter Financial Results
The Company recorded net income in the second quarter of 2016 of $16.6 million, which included depreciation and amortization of $8.1 million. This compared to a net loss of $(2.3) million for the second quarter of 2015, which included depreciation and amortization of $10.1 million. For the first six months of 2016, NexPoint had a net income of $16.9 million, which included $17.7 million of depreciation and amortization. This compared to a net loss of $(8.2) million for the first six months of 2015, which included depreciation and amortization of $21.7 million.
For the quarter ended June 30, 2016, AFFO attributable to common shareholders was $22.5 million, or $1.06 per common share, and FFO was $7.2 million, or $0.34 per common share. For the six months ended June 30, 2016, AFFO attributable to shareholders was $31.5 million, or $1.48 per common share, and FFO was $15.8 million, or $0.74 per common share.
The changes in the Company's net income, AFFO and FFO for the quarter ended June 30, 2016 as compared to the quarter ended June 30, 2015, primarily relate to strong year-over-year performance of our same store portfolio and the disposition of 3 properties during the second quarter of 2016, as compared to no dispositions during the second quarter of 2015.
Same Store Properties Operating Results
The Company's Same Store property pool at June 30, 2016 included 35 properties totaling 10,937 units, or approximately 89% of the Company's 12,276 units. These Same Store properties represented approximately 87% of NXRT's NOI for the quarter ended June 30, 2016.
Same Store total revenues, NOI, and occupancy increased 10.2%, 11.0%, and 87 basis points to 93.9%, respectively, in the second quarter of 2016, compared to the second quarter of 2015.
Disposition of Assets
During the second quarter, the Company completed the sales of the Mandarin Reserve and Park at Regency in Jacksonville, Florida as well as the sale of the Meridian in Austin Texas for $64.25 million gross sale proceeds. Net proceeds from dispositions were used to retire existing debt and to partially fund (through a like-kind exchange) the Company's acquisition of CityView apartments subsequent to quarter end.
Value-Add Programs
In the second quarter, rehab capital expenditures, which includes interior, exterior and common area improvements, totaled $4.6 million.
Subsequent Events
On July 27, 2016, NXRT used the net proceeds from the sale of Meridian through a like-kind exchange, to acquire CityView, a 217-unit property in West Palm Beach, FL, for $22.4M. This was the Company's second acquisition in West Palm Beach in the last 18 months, bringing NXRT's total portfolio to 40 properties consisting of 12,493 units in 11 markets.
Second Quarter 2016 Dividend
On May 9, 2016, the Company declared their fifth consecutive quarterly dividend of $0.206 per share of NXRT common stock, which was paid on June 30, 2016 to stockholders of record on June 15, 2016.
Share Buy Back Program
During the second quarter, NXRT announced that the Company's Board of Directors authorized the repurchase of up to $30.0 million of its common stock. This authorization expires on June 15, 2018.
2016 Full Year Guidance
At this time, the Company reaffirms updated full year 2016 guidance for NOI, FFO and AFFO as disclosed in the Company's June 2016 Investor Presentation. AFFO guidance excludes gain on sales.
•NOI: $68.0 million - $70.0 million
•FFO: $1.38 - $1.47 per share
•AFFO: $1.46 – $1.55 per share
Additional information on second quarter results and 2016 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
Second Quarter Earnings Conference Call
NXRT will host a call to discuss its second quarter results on Tuesday, August 9, 2016 at 11:00 a.m. ET. The number to call for this interactive teleconference is (800) 524-8950, or for international callers, (416) 260-0113 in each case using passcode 9512554. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations").
A replay of the call will be available approximately two hours after the call through Tuesday, August 16, 2016, by dialing (888) 203-1112, or for international callers, (719) 457-0820 and entering the confirmation number, 9512554.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-second-quarter-results-300310997.html
Enterprising Investor
10年前
NexPoint Residential Trust, Inc. Reports First Quarter Results (5/10/16)
DALLAS, May 10, 2016 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the quarter ended March 31, 2016.
First Quarter 2016 Highlights
• NXRT paid a first quarter dividend of $0.206 per share of NXRT common stock on March 31, 2016. On May 9, 2016, NXRT's board of directors approved a quarterly dividend of $0.206 per share of NXRT common stock, payable on June 30, 2016 to stockholders of record on June 15, 2016
• Net income totaled $0.3 million, or $0.01 per common share; includes depreciation and amortization of $9.6 million, compared to a net loss of $(1.9) million, or $(0.10) per common share, for the fourth quarter of 2015
• AFFO¹ totaled $8.9 million, or $0.42 per common share, compared to $7.4 million, or $0.35 per common share, for the fourth quarter of 2015
• FFO¹ totaled $8.6 million, or $0.41 per common share, compared to $6.9 million, or $0.33 per common share, for the fourth quarter of 2015
• NOI¹ was $17.7 million for the first quarter of 2016, compared to $16.6 million for the fourth quarter of 2015
• Rental revenue increased to $29.4 million for the quarter, compared to $28.6 million for the fourth quarter of 2015
• As of March 31, 2016, weighted average effective monthly rent per unit across all 42 properties, consisting of 13,155 units, was $811, while physical occupancy was 94.5%
• NXRT completed upgrades on 387 units during the first quarter of 2016. Since inception, we have completed 3,030 upgrades and achieved a $87 average monthly rental increase per unit, equating to 21.1% ROI on all units leased through March 31, 2016
• Same Store rental revenue, NOI and occupancy increased 8.4%, 13.9%, and 95 basis points to 94.6%, respectively, as compared to the first quarter of 2015
• During the quarter, NXRT contracted to sell three assets, two in Jacksonville, FL – Mandarin Reserve and The Park at Regency and its sole asset in Austin, TX – The Meridian. These sales are anticipated to close in the second quarter and generate gross proceeds of approximately $64.25 million.
1 AFFO, FFO and NOI are non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
Jim Dondero, Chairman and President of NXRT, said, "NXRT got off to a great start for the year with first quarter earnings exceeding guidance across the board, while delivering double digit Same Store Other Income and NOI growth, at 18.2% and 13.9%, respectively. Management continues to substantiate the value creation strategy identified at the outset of our public listing, and we remain confident that our strategic portfolio of well-located Class B properties in thriving Southeastern and Southwestern markets will continue to outperform the multifamily and broader real estate markets."
First Quarter Financial Results
The Company recorded net income in the first quarter of 2016 of $0.3 million, which included depreciation and amortization of $9.6 million. This is compared to a net (loss) of $(5.9) million for the first quarter of 2015, which included depreciation and amortization of $11.6 million.
For the quarter ended March 31, 2016, AFFO attributable to common shareholders was $8.9 million, or $0.42 per common share, and FFO was $8.6 million, or $0.41 per common share.
The changes in the Company's net income/(loss), AFFO and FFO for the quarter ended March 31, 2016 as compared to the quarter ended March 31, 2015, primarily relate to the Company acquiring, owning and operating an additional 4 properties for a total of 42 properties as of March 31, 2016, as compared to acquiring, owning and operating 38 properties as of March 31, 2015.
Same Store Properties Operating Results
The Company's Same Store property pool at March 31, 2016 included 32 properties totaling 9,428 units, or approximately 72% of the Company's 13,155 units. These Same Store properties represented approximately 71% of NXRT's NOI for the quarter ended March 31, 2016.
Same Store rental revenue, NOI, and occupancy increased 8.4%, 13.9%, and 95 basis points to 94.6%, respectively, in the first quarter of 2016, compared to the first quarter of 2015.
Disposition of Assets
During the first quarter, NXRT contracted to sell three assets, two in Jacksonville, FL – Mandarin Reserve and The Park at Regency and its sole asset in Austin, TX – The Meridian. These sales are anticipated to close in the second quarter with total gross proceeds estimated to be $64.25 million.
Value-Add Programs
In the first quarter, rehab capital expenditures, which includes interior, exterior and common area improvements, totaled $7.6 million.
First Quarter 2016 Dividend
On March 7, 2016, the Company declared their fourth consecutive quarterly dividend of $0.206 per share of NXRT common stock, which was paid on March 31, 2016 to stockholders of record on March 18, 2016.
Reaffirmation of 2016 Full Year Guidance
At this time, the Company reaffirms full year 2016 guidance for NOI, FFO, and AFFO as follows:
•NOI: $69.1 million - $71.1 million
•FFO: $1.49 - $1.57 per share
•AFFO: $1.54 – $1.62 per share
Additional information on first quarter results and 2016 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
First Quarter Earnings Conference Call
NXRT will host a call to discuss its first quarter results on Tuesday, May 10, 2016 at 11:00 a.m. ET. The number to call for this interactive teleconference is (800) 344-6491, or for international callers, (785) 830-7988, in each case using passcode 1737479. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations").
A replay of the call will be available approximately two hours after the call through Tuesday, May 17, 2016, by dialing (888) 203-1112, or for international callers, (719) 457-0820 and entering the confirmation number, 1737479.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-first-quarter-results-300265692.html
Enterprising Investor
10年前
NexPoint Residential Trust, Inc. Reports Fourth Quarter And Full Year Financial Results (3/08/16)
DALLAS, March 8, 2016 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the quarter ended December 31, 2015.
Fourth Quarter 2015 Highlights
• NXRT paid its third quarterly dividend of $0.206 per share of NXRT common stock on December 31, 2015. On March 7, 2016, NXRT's board of directors approved a quarterly dividend of $0.206 per share of NXRT common stock, payable on March 31, 2016 to stockholders of record on March 18, 2016
• AFFO1 totaled $7.4 million, or $0.35 per common share, compared to $7.9 million for the third quarter of 2015
• FFO1 totaled $6.9 million, or $0.33 per common share, compared to $7.0 million for the third quarter of 2015
• NOI1 of $16.6 million, including two months for one property acquired during the quarter, compared to $15.7 million for the third quarter of 2015, and $60.4 million for the year ended December 31, 2015
• Rental income increased to $28.6 million for the quarter, compared to $27.0 million for the third quarter of 2015
• Net loss of $1.9 million, $(0.10) per common share; includes depreciation and amortization of $10.0 million
• As of December 31, 2015, weighted average effective monthly rent per unit across all 42 properties, consisting of 13,155 units, was $803, while physical occupancy was 93.9%
• NXRT completed upgrades on 552 units during the quarter and 2,313 for the year ended December 31, 2015, inclusive of all full and partial renovations. Since inception, we have completed 2,643 upgrades and achieved a $93 average monthly rental increase per unit, which equates to a 21.5% ROI on all units leased through December 31, 2015
• Same Store rental income, NOI and occupancy increased 7.6%, 7.3%, and 140 basis points to 94.2%, respectively, as compared to the fourth quarter of 2014
• Same Store property operating expenses increased 11.5%, driven primarily by real estate tax increases
• During the quarter, NXRT acquired one multifamily community, The Place at Vanderbilt, totaling 333 units, for a purchase price of $19.25 million. During the year ended December 31, 2015, NXRT acquired 10 multifamily communities for a combined purchase price of approximately $277.4 million
1 AFFO, FFO and NOI are non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
Jim Dondero, Chairman and President of NXRT, said, "NXRT closed out 2015 with another strong quarter, particularly within our same store pool, and we sourced another opportunistic acquisition in one of our core markets. As we look ahead to 2016, I see continued strength of Class B apartment fundamentals across our markets and our properties should continue to see enhanced demand and operating performance. NXRT continues to be a dogged advocate for our shareholders, and we intend to make thoughtful and accretive business decisions as opportunities arise in 2016."
Fourth Quarter and Full Year Financial Results
For the quarter ended December 31, 2015, AFFO attributable to common stockholders was $7.4 million, or $0.35 per common share, and FFO was $6.9 million, or $0.33 per common share. For the year ended December 31, 2015, AFFO attributable to common stockholders was $29.5 million, or $1.38 per common share, and FFO was $25.6 million, or $1.20 per common share.
The Company recorded a net loss in the fourth quarter of 2015 of $1.9 million, which included depreciation and amortization of $10.0 million. This is compared to a net loss of $6.1 million for the fourth quarter of 2014, which included depreciation and amortization of $10.2 million. For the year ended December 31, 2015, the Company had a net loss of $10.9 million, which included $40.8 million of depreciation and amortization. This is compared to a net loss of $17.5 million for the year ended December 31, 2014, which included depreciation and amortization of $21.6 million.
The change in the Company's FFO and AFFO for the year ended December 31, 2015 as compared to FFO and AFFO for the year ended December 31, 2014 primarily relates to the Company acquiring, owning and operating an additional 10 properties for a total of 42 properties as of December 31, 2015, as compared to acquiring, owning and operating 32 properties as of December 31, 2014.
Fourth Quarter Same Store Operating Results
The Company's Same Store properties at December 31, 2015 included 25 properties totaling 7,532 units, or approximately 57% of the Company's 13,155 units. These Same Store properties represented approximately 55% of NXRT's NOI for the quarter ended December 31, 2015.
Same Store rental income, NOI, and occupancy increased 7.6%, 7.3%, and 140 basis points to 94.2%, respectively, in the fourth quarter of 2015, as compared to the fourth quarter of 2014.
Fourth Quarter and Full Year Multifamily Acquisitions
As previously announced, during the fourth quarter of 2015, NXRT acquired one property: The Place at Vanderbilt, a 333-unit Class B multifamily community built in 1984 and located in Fort Worth, TX, for a purchase price of $19.25 million.
The Place at Vanderbilt was financed in part through the assumption of a $13.875 million floating rate mortgage with an interest rate of 2.23% over 30-day LIBOR, that matures on January 1, 2022. The balance of the purchase price was funded using NXRT's available unrestricted cash.
During the year ended December 31, 2015, NXRT acquired 10 multifamily properties for a total purchase price of approximately $277.4 million.
Fourth Quarter and Full Year Value-Add Programs
In the fourth quarter, rehab capital expenditures, which includes interior, exterior and common area improvements, totaled $9.0 million.
Total rehab capital expenditures for the year ended December 31, 2015 were $35.1 million.
Fourth Quarter 2015 Dividend
On November 10, 2015, the Company declared a quarterly dividend of $0.206 per share of NXRT common stock, payable on December 31, 2015 to stockholders of record on December 15, 2015.
2016 Full Year Guidance
The Company is expecting full year 2016 guidance for NOI, FFO, and AFFO as follows:
• NOI: $69.1 million - $71.1 million
• FFO: $1.49 - $1.57 per share
• AFFO: $1.54 - $1.62 per share
Additional information on the fourth quarter results and 2016 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Multifamily Dispositions
In general, NXRT intends to hold its multifamily properties for production of rental income. During the year ended December 31, 2015, we did not sell any of our multifamily properties. Economic and market conditions may influence us to hold our investments for different periods of time. From time to time, we may sell an asset before the end of the expected holding period, particularly if we receive a bona fide unsolicited offer with attractive terms, if we have an upcoming liquidity need, such as a debt maturing, or if the sale of the asset would otherwise be in the best interests of our stockholders. When reviewing whether a sale is in the best interests of our stockholders, we take into consideration whether market conditions and asset positioning have maximized the value of the property to us and any potential adverse tax consequences of a sale. In some cases, we may determine that a particular market no longer fits within our business strategy and sell assets to exit that market.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
Fourth Quarter Earnings Conference Call
NXRT will host a call to discuss its fourth quarter results on Tuesday, March 8, 2016 at 11:00 a.m. ET. The number to call for this interactive teleconference is (888) 417-8533, or for international callers, (719) 457-1512, in each case using passcode 6469595. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations").
A replay of the call will be available approximately two hours after the call through Tuesday, March 15, 2016, by dialing (888) 203-1112, or for international callers, (719) 457-0820 and entering the confirmation number, 6469595.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.nexpointliving.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's guidance for financial results for the full year 2016. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Readers should not place undue reliance on any forward-looking statements and are encouraged to review NXRT's Forms 10-Q for the first, second, and third quarters of 2015, as well as the Form 10-K for the year ended December 31, 2015 that will be filed with the SEC on or before March 30, 2016 for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Definitions and Reconciliations
This press release includes analysis of adjusted funds from operations, or AFFO, funds from operations, or FFO, and net operating income, or NOI, all of which are non-GAAP financial measures of performance. These non-GAAP measures should be used as a supplement to, and not a substitute for, net income (loss) computed in accordance with GAAP. For a more complete discussion of AFFO, FFO, and NOI, see our Forms 10-Q for the first, second, and third quarters of 2015, as well as our Form 10-K for the year ended December 31, 2015, that will be filed with the SEC on or before March 30, 2016. This press release also includes an analysis of our Same Store properties, which are defined as those that are stabilized and comparable for both the current and the prior reporting year. Same Store analysis for the fourth quarter of 2015 includes 25 properties totaling 7,532 units, or approximately 57% of the Company's 13,155 units.
FFO and AFFO
We believe that net income, as defined by GAAP, is the most appropriate earnings measure. We also believe that funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), and adjusted funds from operations, or AFFO, are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges. We compute FFO attributable to common shareholders in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with Net Loss before adjusting for noncontrolling interests and show the noncontrolling interests as an adjustment to arrive at FFO attributable to common shareholders. AFFO is calculated by adjusting our FFO by adding back items that do not reflect ongoing property operations, such as acquisition expenses, equity-based compensation expenses and the amortization of deferred loan costs. AFFO will also be adjusted to include any gains (losses) from sales of property to the extent excluded from FFO and exclude relevant noncontrolling interests. We will not have any equity-based compensation expenses unless and until our stockholders approve an amendment to the Company's charter to remove the 1940 Act compliance requirements.
We believe that the use of FFO and AFFO, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful.
[tables deleted]
Net Operating Income
NOI is a non-GAAP financial measure of performance. NOI is used by investors and our management to evaluate and compare the performance of our properties, to determine trends in earnings and to compute the fair value of our properties as it is not affected by (1) cost of funds, (2) acquisition costs, (3) non-operating fees paid to affiliates, (4) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (5) corporate general and administrative expenses and other gains and losses that are specific to us and (6) entity level general and administrative expenses that are either non-recurring in nature or incurred on behalf of us at the property for expenses such as legal, professional and franchise tax fees.
Same Store Properties
We review our stabilized multifamily communities on a comparable basis between periods. Our Same Store properties are defined as those that are stabilized and comparable for both the current period and the same period for the prior reporting year. There are twenty-five properties meeting this definition for the fourth quarter of 2015: Miramar, Arbors on Forest Ridge, Cutter's Point, Eagle Crest, Meridian, Silverbrook, Timberglen, Toscana, The Grove at Alban, Willowdale Crossing, Edgewater at Sandy Springs, Beechwood Terrace, Willow Grove, Woodbridge, Abbington Heights, Colonial Forest, Courtney Cove, Park at Blanding, Park at Regency, The Summit at Sabal Park, Jade Park, Mandarin Reserve, Timber Creek, Belmont at Duck Creek, and Radbourne Lake.
Reconciliation of Guidance for 2016 NOI, FFO and AFFO
The Company anticipates that net loss will be in the range between $2.0 million to $4.0 million for the full year 2016. The difference between net loss and FFO is depreciation and amortization, which is anticipated to be $35.0 million to $36.0 million for the full year 2016. The difference between FFO and AFFO is deferred loan costs to the extent excluded from FFO, which are anticipated to total approximately $1.1 million for the full year 2016. The difference between net loss and NOI is depreciation and amortization, interest expense, the advisory and administrative fees and the reimbursement of adviser expenses, which are anticipated to total approximately $72.0 million to $74.0 million for the full year 2016. Our guidance assumes we owned all properties for the full year 2016. The Company expects approximately 21,293,825 shares to be outstanding during 2016.
In this release, "we," "us," "our," the "Company," "NexPoint Residential Trust," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-fourth-quarter-and-full-year-financial-results-300232418.html
Enterprising Investor
11年前
NexPoint Residential Trust, Inc. Reports Third Quarter Financial Results (11/10/15)
DALLAS, Nov. 10, 2015 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the third quarter ended September 30, 2015.
Third Quarter 2015 Highlights
•NXRT paid its second quarterly dividend of $0.206 per share of NXRT common stock on September 30, 2015. Subsequent to the third quarter 2015, NXRT's Board approved a quarterly dividend of $0.206 for each share of NXRT common stock (or $4.4 million in the aggregate), payable on December 31, 2015 for holders of record on December 15, 2015
•AFFO1 totaled $7.9 million, or $0.37 per common share, compared to $7.1 million in second quarter of 2015
•FFO1 of $7.0 million, $0.33 per common share, compared to $6.7 million for the second quarter of 2015
•NOI1 of $15.7 million, including partial months for two properties acquired during the quarter, and $43.7 million for the first nine months of 2015
•Rental income increased to $27.0 million for the quarter, compared to $25.5 million for the second quarter of 2015
•Net loss of $890,000, $(0.04) per common share; includes depreciation and amortization of $9.1 million
•Average effective rent per unit across all 41 properties, consisting of 12,822 units was $796 while physical occupancy was 93.1%
•NXRT completed upgrades on 696 units for the quarter, for an average per unit rental increase of $88 correlating to a 24.4% ROI
•Same Store rental income, NOI and occupancy increased 6.4%, 11.0%, and 183 basis points to 93.3%, respectively, as compared to the same period last year
•During the quarter, NXRT acquired two multifamily communities, totaling 784 units, for a combined purchase price of $74.8 million; in the first nine months of 2015, NXRT acquired 9 multifamily communities for a combined purchase price of $258.2 million
•Subsequent to the third quarter of 2015, NXRT acquired a 333-unit suburban apartment community in Fort Worth, Texas for $19.25 million
1AFFO, FFO and NOI are Non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these Non-GAAP measures useful, see the "Definitions and Reconciliations" section of this release.
Jim Dondero, Chairman and President of NXRT, said, "This quarter's results helped solidify our value-add thesis and what we believe is the key to our Company's near-term future growth. Our Same Store NOI, which added one property in the third quarter, delivered a strong 11.0% growth. We are also pleased to announce that on October 30, 2015, we purchased The Place at Vanderbilt, a 333-unit apartment community in Fort Worth, Texas."
Third Quarter Financial Results
For the quarter ended September 30, 2015, AFFO attributable to common shareholders was $7.9 million, or $0.37 per common share, and FFO was $7.0 million, or $0.33 per common share. For the nine months ended September 30, 2015, AFFO attributable to common shareholders was $22.1 million, or $1.04 per common share, and FFO was $18.7 million or $0.88 per common share.
The Company recorded a net loss in the third quarter of 2015 of $890,000, which included depreciation and amortization of $9.1 million. This compared to a net loss of $6.4 million for the third quarter of 2014, which included depreciation and amortization of $5.8 million. For the first nine months of 2015, the Company had a net loss of $9.0 million, which included $30.8 million of depreciation and amortization. This compared to a net loss of $11.4 million for the first nine months of 2014, which included depreciation and amortization of $11.4 million.
The changes in the Company's net loss, AFFO and FFO for the three and nine month periods ended September 30, 2014 primarily relate to NXRT acquiring, owning and operating an additional 16 properties for a total of 41 properties as of September 30, 2015, compared to 25 properties at September 30, 2014, as well as Same Store NOI growth of 11.0%.
Same Store Properties Operating Results
The Company's Same Store properties at September 30, 2015 included 10 properties totaling 3,227 units, or approximately 25% of the Company's 12,822 units. These Same Store properties represented approximately 26% of NexPoint's NOI for the quarter ended September 30, 2015.
Same Store rental revenue, Same Store NOI and Same Store occupancy increased 6.4%, 11.0%, and 183 basis points to 93.3%, respectively, in the third quarter, compared to the same period last year.
Multifamily Acquisitions
As previously announced, during the third quarter of 2015, NexPoint acquired two properties: Madera Point, a 256-unit Class B multifamily community built in 1985 and located in Mesa, Arizona for a purchase price of $22.5 million, and Pointe at the Foothills, a 528-unit Class B multifamily community built in 1986 and located in Phoenix, Arizona for a purchase price of $52.3 million.
During the first nine months of this year, NXRT acquired nine multifamily properties for a total purchase price of $258.2 million.
Value-Add Programs
In the third quarter rehab capital expenditures, which includes interior, exterior and common area improvements, totaled $10.5 million.
Total rehab capital expenditures for the first nine months of 2015 were $26.1 million.
Subsequent Events
On October 30, 2015, NexPoint acquired a new property: The Place at Vanderbilt, a 333-unit Class B multifamily community built in 1984, located in Fort Worth, Texas.
The Place at Vanderbilt was purchased for $19.25 million and financed in part through the assumption of a $13.875 million floating rate mortgage with an interest rate of 2.23% over 30-day LIBOR, that matures on January 1, 2022. The balance of the purchase price was funded using NXRT's available unrestricted cash.
2015 Full Year Guidance
The Company is expecting full year 2015 guidance for NOI, FFO, and AFFO as follows:
•NOI: $59 million - $61 million
•FFO: $1.22 - $1.29 per share
•AFFO: $1.38 – $1.45 per share
Additional information on the third quarter results and 2015 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company's website at www.nexpointliving.com.
Fourth Quarter 2015 Dividend
On November 10, 2015 the Company declared a quarterly dividend of $0.206 per share of NXRT common stock, payable on December 31, 2015 to stockholders of record on December 15, 2015.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company's website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
Third Quarter Earnings Conference Call
NexPoint will host a call to discuss its third quarter results on Tuesday, November 10, 2015 at 11:00 a.m. ET. The number to call for this interactive teleconference is (877) 876-9173 or for international callers, (785) 424-1670, in each case using passcode 4105748. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under "Investor Relations").
A replay of the call will be available approximately two hours after the call through Monday, November 16, 2015, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering the confirmation number, 4105748.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.NexPointLiving.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's guidance for financial results for the 2015 full year. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Readers should not place undue reliance on any forward-looking statements and are encouraged to review NXRT's Forms 10-Q for the first and second quarters, as well as the quarter ended September 30, 2015 that will be filed with the SEC on November 13, 2015, final information statement and NXRT's Form 10 registration statement filed with the SEC, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Definitions and Reconciliations
This press release includes analysis of adjusted funds from operations, or AFFO, funds from operations, or FFO, and net operating income, or NOI, all of which are non-GAAP financial measures of performance. These non-GAAP measures should be used as a supplement to, and not a substitute for, net income (loss) computed in accordance with GAAP. For a more complete discussion of AFFO, FFO, and NOI, see our Form 10-Q for the quarter ended September 30, 2015, that will be filed with the SEC on November 13, 2015, and our Form 10-Qs for the first and second quarter previously filed with the SEC. This press release includes an analysis of Same Store properties, those multifamily communities that are stabilized and comparable for both the current and the prior reporting year. Same Store property analysis for third quarter includes 10 properties totaling 3,227 units, or approximately 25% of the Company's 12,822 units for the quarter ended September 30, 2015.
FFO and AFFO
We believe that net income, as defined by GAAP, is the most appropriate earnings measure. We also believe that funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), and adjusted funds from operations, or AFFO, are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges. We compute FFO attributable to common shareholders in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with Net Loss before adjusting for noncontrolling interests and show the noncontrolling interests as an adjustment to arrive at FFO attributable to common shareholders. AFFO is calculated by adjusting our FFO by adding back items that do not reflect ongoing property operations, such as acquisition expenses, equity-based compensation expenses and the amortization of deferred loan costs. AFFO will also be adjusted to include any gains (losses) from sales of property to the extent excluded from FFO and exclude relevant noncontrolling interests. We will not have any equity-based compensation expenses unless and until our stockholders approve an amendment to the Company's charter to remove the 1940 Act compliance requirements.
We believe that the use of FFO and AFFO, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful.
[tables deleted]
Gain on eminent domain: On August 4, 2015, The Department of Transportation of the State of Georgia ("DOT"), through exercise of eminent domain, appropriated 0.966 acres of land and certain access rights from The Crossings in Marietta, GA and paid the sum of $326,111 as just and adequate compensation. The Company recognized a gain on eminent domain of $157,882. Due to immateriality, the gain on eminent domain was included in Other Income for the three and nine months ended September 30, 2015.
Net Operating Income
NOI is a non-GAAP financial measure of performance. NOI is used by investors and our management to evaluate and compare the performance of our properties, to determine trends in earnings and to compute the fair value of our properties as it is not affected by (1) the cost of funds, (2) acquisition costs, (3) non-operating fees to affiliates, (4) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (5) corporate general and administrative expenses and other gains and losses that are specific to us and (6) entity level general and administrative expenses that are either non-recurring in nature or incurred on behalf of us at the property for expenses such as legal, professional and franchise tax fees.
The following is a table that details our net operating income for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014. The net operating income in the following table has not been adjusted for the effects of any noncontrolling interests.
Reconciliation of Guidance for 2015 NOI, FFO and 2015 AFFO
The Company anticipates that net loss will be in the range between $10.0 million to $11.0 million for the full year of 2015 and between $1 million to $2 million for the fourth quarter of 2015. The difference between net loss and FFO is depreciation and amortization and gains from property dispositions, which is anticipated to be $40.0 million to $41.0 million for the full year of 2015. The difference between FFO and AFFO is deferred loan costs, acquisition costs, and gains to the extent excluded from FFO which are anticipated to total approximately $4 million for the full year of 2015. The difference between net loss and NOI is depreciation and amortization, interest expense, acquisition costs, the advisory and administrative fees and the reimbursement of adviser expenses, which are anticipated to total approximately $70 million to $71 million for the full year of 2015 and $16 million to $17 million for the fourth quarter of 2015. Our guidance also assumes no additional property acquisitions in 2015 other than the previously reported acquisition on October 30, 2015 of The Place at Vanderbilt.
In this release, "we," "us," "our," the "Company," "NexPoint," "NexPoint Residential Trust" and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
Contact:
Marilynn Meek
Financial Relations Board
212-827-3773
http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-third-quarter-financial-results-300175739.html
Enterprising Investor
11年前
Rents Rise Faster for Midtier Apartments Than Luxury Ones (8/16/15)
Developers’ focus on high end contributes to shortage of affordable units; construction costs too high to build middle-income housing
By Laura Kusisto
The Verona apartment complex in suburban Denver doesn’t have the flashy amenities some tenants covet. No infinity pool. No rooftop lounge. No concierge service. Still, demand at the 1980s-era complex is so strong that the landlord has raised the rent 72% on some apartments in just two years, after renovations.
Modest apartment buildings like the Verona that cater to middle-class and working-class families are becoming scarcer as fewer are built nationwide and older ones are demolished. That has resulted in a severe shortage of midtier apartments, causing rents for these units to rise at a faster pace than for luxury ones.
Even though construction of multifamily rental properties is running at the highest level in decades, the overwhelming majority of new units—more than 80% in the nation’s largest metropolitan areas—are luxury, according to CoStar Group Inc.
Construction costs are generally too high to justify building new complexes for low- and middle-income tenants, experts say, contributing to the scarcity. For instance, AvalonBay Communities Inc., one of the country’s largest apartment developers, spends $340,000 on average for each unit it builds, according to Dave Bragg, an analyst for Green Street Advisors. The average monthly rent, to make up for construction costs, is projected at $2,900—putting those units near the top end of even pricey apartment markets.
The difference in costs between installing granite countertops and stainless-steel appliances is so slight compared to buying land and installing elevators that economists say developing a luxury apartment and a midtier one comes out roughly the same. Historically, developers could save some money by building low-rise buildings in suburban locations, but even those are becoming increasingly difficult to build as even suburban officials push developers to develop midrise buildings in central locations and reduce sprawl.
New households are also much more likely to be renters than buyers, raising rents. Though rents are rising rapidly for all classes of apartments, the influx of luxury units is starting to slow rent hikes in that category, while the dearth of lower-priced apartments is having the opposite effect.
According to Axiometrics Inc., an apartment research firm based in Dallas, rents during the second quarter of 2015 jumped 5.8% for Class B apartments, which are aimed at middle-class families. These tend to be low-rise suburban buildings from the 1980s, with amenities that often include an outdoor pool, a business center and ample green space. Rents rose 4.9% for Class C apartments, aimed at the working class. Meanwhile, rents grew 4.2% for Class A luxury apartments, which are more likely to be downtown high-rises with city views, infinity pools and doormen.
“Everybody and their mother is out building these Class A apartments,” said Ryan Severino, senior economist at Reis Inc. “Nobody is building B and C apartments.” Research by Reis, which tracks commercial real estate, found that the supply of less expensive apartments, excluding rent-regulated units, has decreased 1.6% since 2002. Over that time, high-end apartment inventory has increased 31%.
In many U.S. cities, fewer units are available to middle-income households, according to a report by New York University’s Furman Center and Capital One Financial Corp. In Miami, middle-income renters could afford 33% of recently available apartments in 2013, down from 40% in 2006. In Philadelphia, 35% were affordable to such renters, compared with 45% in 2006.
Even though rents are rising faster on middle-class apartments, they are still considerably less expensive than luxury apartments. Rents for Class A apartments, which make up the top 20% of the market, averaged $1,702 in the second quarter, according to Axiometrics. Class B rents, which make up the middle 60%, averaged $1,192 and Class C rents averaged $845.
In the Denver area, for example, rents average $1,686 a month for luxury apartments, $1,290 for midtier and $965 for lower-end, according to Axiometrics. In Boston, it is $3,345 for luxury, nearly $2,050 for midtier and $1,486 for the most affordable units. In the San Francisco area, Class A apartments are more than $4,000, Class B are $3,125 and Class C are more than $2,200.
At the Verona in Littleton, Colo., applications from prospective tenants are piling up, prompting the management to work “faster, faster, faster,” to turn over vacant units, said Kevin Finkel, executive vice president at Philadelphia-based Resource Real Estate, which owns the complex and other midtier apartment buildings around the country. About half of the monthly rents turn into profit for the company, Mr. Finkel said.
Resource Real Estate purchased the Verona in 2013, paying about $30 million for the 300-unit complex that includes 12 low-rise buildings. The apartments featured beige carpeting, dark brown cupboards and fake brick fireplaces. Resource poured between $3 million and $4 million into upgrades, including laminate countertops and faux wood floors. Rents are now pushing $1,500 a month for some two-bedroom units that had brought in $871 a month before Resource took over.
Traffic from potential renters calling and touring the complex has risen 25% since Resource began renovations. To keep up, the company has renovation teams working double shifts to get units ready for new renters and it has also cut down on marketing.
Mr. Finkel said the Verona appeals to millennials who can’t afford to buy a suburban house or rent a luxury apartment in Denver. Tenants are often single parents looking for an affordable place to live in a community with good schools.
Ian Cochrane, a 39-year-old artist with two children, recently moved into the building after rent on the single-family home where he lived, in the suburb of Aurora, was set to rise to nearly $1,900 from $1,595. Mr. Cochrane, who was divorced in January, said the new apartment is more affordable at around $1,350 a month and has a saltwater pool and good schools for his daughter, 5, and son, 10.
Denver, a historically affordable city for the middle class, has become less so as both rents and house prices have risen sharply. Overall, rents in the city were up 6% over the past year, according to Reis. Mr. Cochrane, who spent six years as a stay-at-home dad and relies on alimony payments to cover the rent, said the new apartment is affordable but he has little room to save. “It can be a struggle for sure,” he said.
Nationwide, rent increases are inflating the pool of families classified as rent burdened, meaning they spend more than 30% of their income on housing. A report released last month by Harvard University’s Joint Center for Housing Studies found that one in five renter households with income of $45,000 to $75,000 a year was rent-burdened in 2013, up from about 18% in 2008 and 15% in 2003.
Experts said that while some of the luxury apartments under construction today could eventually become more affordable due to oversupply, that isn’t likely to help middle-class renters soon.
“The gap between what is the top of the market and what’s truly affordable has gotten so large that the odds of the new stuff ultimately becoming affordable is much smaller now than it has been in the past,” said Andrew Jakabovics, senior director of policy development and research for Enterprise Community Partners, an affordable-housing group.
http://www.wsj.com/articles/rents-rise-faster-for-midtier-apartments-than-luxury-ones-1439769468
Enterprising Investor
11年前
NexPoint Residential Trust, Inc. Reports Second Quarter Financial Results (8/11/15)
DALLAS--(BUSINESS WIRE)--NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Highlights
• NXRT paid a first quarter dividend of $0.206 per share of NXRT common stock on June 30, 2015. Subsequent to the second quarter 2015, NXRT’s Board approved a quarterly dividend of $0.206 for each share of NXRT common stock (or $4.4 million in the aggregate), payable on September 30, 2015 for holders of record on September 15, 2015
• AFFO¹ totaled $7.1 million, or $0.34 per common share, compared to $7.0 million in first quarter of 2015
• FFO¹ of $6.7 million, $0.32 per common share, compared to $5.0 million for the first quarter of 2015
• NOI¹ of $14.85 million, including partial months for one property acquired during the quarter, and $28.0 million for the first six months of 2015
• Rental income increased to $25.5 million for the quarter, compared to $22.7 million for the first quarter of 2015
• Net loss of $2.3 million, $(0.11) per common share; includes depreciation and amortization of $10.1 million
• Average effective rent per unit across all 39 properties, consisting of 12,038 units was $784 while physical occupancy was 93.4%
• NXRT completed upgrades on 411 units for the quarter, for an average per unit rental increase of $90 correlating to a 24.76% ROI
• Same store rental income, NOI and occupancy increased 4.6%, 7.3%, and 104 basis points to 93.6%, respectively, as compared to the same period last year
• During the quarter, NXRT acquired one multifamily community, totaling 222 units, for a purchase price of $21 million; in the first six months of 2015, NXRT acquired 7 multifamily communities for a combined purchase price of $183.4 million
• Subsequent to the second quarter of 2015, NXRT acquired two suburban apartment communities in Phoenix, Arizona for $74.8 million
¹AFFO, FFO and NOI are Non-GAAP measures. For reconciliations of AFFO, FFO and NOI to net income and a discussion of why we consider these Non-GAAP measures useful, see the “Definitions and Reconciliations” section of this release.
Jim Dondero, Chairman and President of NXRT, said, "Healthy organic rent growth and execution of our value-add program led to a strong financial performance for the quarter. Additionally, we continue to be opportunistic acquirers of accretive deals. For the quarter, we are pleased to have delivered 7.3% same store NOI growth while adding a great asset in the West Palm Beach submarket."
Second Quarter Financial Results
For the quarter ended June 30, 2015, AFFO attributable to common shareholders was $7.1 million, or $0.34 per common share, and FFO was $6.7 million, or $0.32 per common share. For the six months ended June 30, 2015, AFFO attributable to common shareholders was $14.1 million, or $0.66 per common share, and FFO was $11.7 million or $0.55 per common share.
The Company recorded a net loss in the second quarter of 2015 of $(2.3) million, which included depreciation and amortization of $10.1 million. This compared to a net loss of $(2.3) million for the second quarter of 2014, which included depreciation and amortization of $3.6 million. For the first six months of 2015, the Company had a net loss of $(8.2) million, which included $21.7 million of depreciation and amortization. This compared to a net loss of $(5.0) million for the first six months of 2014, which included depreciation and amortization of $5.6 million.
The changes in the Company’s net loss, AFFO and FFO for the three and six months periods ended June 30, 2014 primarily relate to NXRT acquiring, owning and operating an additional 29 properties for a total of 39 properties as of June 30, 2015, compared to 10 properties at June 30, 2014, as well as same-store NOI growth of 7.3%.
Same Store Properties Operating Results
The Company's same-store properties at June 30, 2015 included 9 properties totaling approximately 2,795 units, or approximately 23% of the Company's 12,038 units. These same-store properties represented approximately 23% of NexPoint’s NOI for the quarter ended June 30, 2015.
Same store rental revenue, same-store NOI and same-store occupancy increased 4.6%, 7.3%, and 104 basis points to 93.6%, respectively, in the second quarter, compared to the same period last year.
Multifamily Acquisitions
As previously announced, during the second quarter of 2015, NexPoint acquired Bayberry Apartments, a 222 unit Class B multifamily community built in 1986/87 and located in West Palm Beach, Florida for a purchase price of $21 million.
During the first six months of this year, NXRT acquired seven multifamily properties for a total purchase price of $183.4 million. The Company has budgeted and reserved approximately $22.0 million in capex to implement its value-add programs at these properties.
Value-Add Programs
In the second quarter rehab capital expenditures, which includes interior, exterior and common area improvements, totaled $8.1 million.
Total rehab capital expenditures for the first six months of 2015 were $15.5 million.
Subsequent Events
On August 5, 2015, NexPoint acquired two properties: Madera Point, a 256 unit Class B multifamily community built in 1985, located in Mesa, Arizona and The Pointe at the Foothills, a 528 unit Class B multifamily community built in 1986, located in Phoenix, Arizona.
Madera Point was purchased for $22.5 million and financed in part through a $13.5 million floating rate interest only mortgage with an interest rate of 1.90% over 30-day LIBOR, that matures on September 1, 2020. The balance of the purchase price was funded using NXRT’s available unrestricted cash and its credit facility.
The Pointe at the Foothills was purchased for $52.3 million in part through a $31.4 million floating rate interest only mortgage with an interest rate of 1.90% over 30-day LIBOR, that matures on September 1, 2020. The balance of the purchase price was funded using NXRT’s available unrestricted cash and its credit facility.
The Company has budgeted and reserved approximately $3.2 million in capex to implement its value-add programs at these two properties.
2015 Per Share FFO & AFFO Guidance
The Company is reaffirming its prior FFO guidance and expects full year 2015 FFO to be in a range of $1.22 to $1.29 per common share. See “Definitions and Reconciliations” for a reconciliation of our 2015 FFO guidance.
The Company is expecting full year 2015 AFFO to be in the range of $1.38 to $1.45 per common share. See “Definitions and Reconciliations” for a reconciliation of our 2015 AFFO guidance.
Additional information on the second quarter results and 2015 financial and earnings guidance is included in supplemental data that can be found in the Investor Relations section of the Company’s website at www.nexpointliving.com.
Third Quarter 2015 Dividend
On August 11, 2015 the Company declared a quarterly dividend of $0.206 per share of NXRT common stock, payable on September 30, 2015 to stockholders of record on September 15, 2015.
Supplemental Information
Supplemental information to this press release can be found in the Investor Relations section of the Company’s website at www.nexpointliving.com. Our filings with the Securities and Exchange Commission are filed under the registrant name of NexPoint Residential Trust, Inc.
Second Quarter Earnings Conference Call
NexPoint will host a call to discuss its second quarter results on Tuesday, August 11, 2015 at 11:00 a.m. ET. The number to call for this interactive teleconference is (877) 876-9177 or for international callers, (785) 424-1666, in each case using passcode 5609909. A live audio webcast of the call will be available online at the Company's website, http://www.nexpointliving.com (under “Investor Relations”).
A replay of the call will be available approximately two hours after the call through Monday, August 17, 2015, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering the confirmation number, 5609909.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol “NXRT,” primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with “value-add” potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. More information about NXRT is available at http://www.NexPointLiving.com.
http://www.businesswire.com/news/home/20150811005735/en/NexPoint-Residential-Trust-Reports-Quarter-Financial-Results#.VcoPiyHbKUk
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